At the end of the third quarter of 2015, the bank’s LAS unit was handling about 107,000 delinquent loans, according to the bank’s Q3 earnings statement released earlier in October.
Read More »Wells Fargo and Bank of America Post Positive Q3 Financial Reports
Wells Fargo and Bank of America posted strong 2015 third quarter financial results, with net incomes reaching $5.8 billion and $4.5 billion, respectively.
Read More »Circuit Court Revives Predatory Mortgage Lending Suits Against Three Large Banks
The lawsuit, originally introduced to a lower court by the City of Miami on December 13, 2011, alleged that each bank in question had participated in a decade-long pattern of discriminatory lending by targeting blacks and Hispanics for predatory loans.
Read More »Bank of America Offering Five Pools of Delinquent Loans For Sale Worth $1.2 Billion
Bank of America is offering five pools of residential mortgage loans for sale totaling $1.2 billion that range in status from current to modified to non-performing.
Read More »Monitor Credits Bank of America with $1.19 Billion Toward Settlement Obligation
Green reported that most of the $1.181 billion credit Bank of America was credited with in Q1 was based on 2,938 first lien principal forgiveness loan modifications. Those modifications, which include principal forgiveness, interest rate reduction, and bringing loans current without penalty, are intended to make mortgages more affordable for struggling homeowners.
Read More »Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict
When filing the appeal in April, Bank of America claimed that "the trial itself was riddled with errors at both the liability and penalty phases." The bank also claims the federal law under which the government made the claim comes with a penalty of no more than $1.1 million.
Read More »Bank of America’s Net Income More Than Doubles in Q2; U.S. Bank, PNC Profitable
Bank of America's number of 60-plus days delinquent first mortgage loans serviced by Legacy Assets and Servicing fell to 132,000 in Q2, a year-over-year decline of 50 percent, while adjusted net charge-offs also declined year-over-year by 26 percent down to $929 million
Read More »Bank of America Victorious in Discriminatory Lending Lawsuit
Los Angeles sued Bank of America, one of the nation's largest lenders and servicers of residential mortgages, in December 2013. The lawsuit accused the bank of predatory lending in the run-up to the 2008 financial crisis, saying the terms of mortgage loans offered to minorities were less favorable than those offered to Whites.
Read More »Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuits
The claim was finally settled Wednesday, when both parties filed a stipulation of dismissal with prejudice. Though terms of the settlement were not stipulated in the court documents, they did say each party would be responsible for its own expenses stemming from the lawsuit.
Read More »Bank of America Asks for Removal of $1.27 Billion Penalty, Questions Judge’s Impartiality
Bank of America was ordered to pay a $1.27 billion civil penalty in July 2014 as a result of its alleged role in the Hustle case. The bank has been fighting to overturn that verdict since, claiming that the Hustle program ended prior to its July 2008 acquisition of Countrywide. Rakoff rejected a motion by the bank to have the verdict reversed in early February. He also rejected the bank's motion for a new trial at that time.
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